Fifth annual report for EL 24917 Ross River period ended 10 July 2011

Abstract

During the fifth year of EL 24917, work focused on the Tommy's Gap copper prospect where previous rock chip samples had revealed copper oxide mineralisation of up to 15% copper and 80 g/t silver. The existing 20 km access track into Tommy's Gap was upgraded. Fifty six soil samples were collected in three traverses and 105 rock chip samples were collected at Tommy's Gap and nearby. Sixteen rock chips were taken on pegmatite outcrop in the eastern part of the tenement. Better rock chip results from Tommy's Gap were: 28.5% Cu and 44 g/t Ag in sample 4668; 10.3% Cu and 0.23 g/t Au in sample 4628; 7.2% Cu in sample 4650; 5.2% Cu and 13 g/t Ag in sample 4626; 4.9% Cu and 17 g/t Ag in sample 4627; 3.9 g/t Au in sample 4621; 1.14 g/t Au, 0.3% Cu and 10 g/t Ag in sample 7447. RC Drilling was completed at Tommy's Gap with disappointing results. Eight holes were completed for 520 metres with 134 samples submitted for assay. Best results received from Tommy's Gap drilling were: 4m @ 0.11 g/t Au from 20-24m in hole TGRC002; 2m @ 0.13% Cu from 14-26m in hole TGRC003; 3m @ 0.22% Cu from 42-45m in hole TGRC004; 4m @ 0.4% Cu from 37-41m in hole TGRC005; 2m @ 0.16% Cu from 16-18m in hole TGRC008. At Mulga Dam uranium prospect, 16 rock chip samples were collected. The best rock chip sample returned 338ppm U3O8. At the Cleary Dam Cu-Ni-PGE prospect, where 11 rock chip samples were taken, the best results were 4% copper, 3 g/t palladium and 0.7% nickel. The Black Knob iron prospect returned rock chip assays of up to 62.7% Fe.